Bloomberg News

USDA Boxed Beef Cutout Midday Prices for August 21

August 21, 2012

August 21 (Bloomberg) -- This table details boxed beef cutout prices supplied daily by the U.S. Department of Agriculture. Prices and loads traded are as of 11:30 a.m. U.S. central time.

Prices are determined from cuts in dollars a hundredweight and vary between higher-quality choice cuts and select beef cuts for sale f.o.b. Omaha, Nebraska.

CHOICE SELECT

600-900 600-900 ------------------------------------------------------------------------------- Current Cutout Values: 193.69 185.20 Change from prior day: (0.16) (0.05) ------------------------------------------------------------------------------- Choice/Select spread: 8.49

Total Load Count (Cuts, Trimmings, Grids): 89 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 290.19 255.53 Primal Chuck 158.20 157.48 Primal Round 169.21 167.45 Primal Loin 265.98 247.35 Primal Brisket 139.12 135.49 Primal Short Plate 126.46 131.09 Primal Flank 113.29 108.32 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 08/20 57 29 0 24 109 193.85 185.25 08/17 40 30 5 15 90 193.03 184.72 08/16 68 39 25 38 170 191.48 184.40 08/15 73 62 28 36 198 190.52 183.24 08/14 55 49 18 30 151 189.21 181.84 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 191.62 183.89 -------------------------------------------------------------------------------- NATIONAL BOXED BEEF CUTS - NEGOTIATED SALES FOB Plant basis negotiated sales for delivery within 0-21 day period. Prior days sales after 1:30pm are included.

CURRENT VOLUME - (one load equals 40,000 pounds)

Choice Cuts 25.43 loads 1,017,393 pounds Select Cuts 26.15 loads 1,045,967 pounds Trimmings 9.53 loads 381,383 pounds Ground Beef 27.69 load 1,107,402 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

rades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 12 21,226 573.00 625.00 585.09 112A 3 Rib, ribeye, bnls, light 6 5,657 673.00 702.00 699.52 112A 3 Rib, ribeye, bnls, heavy 44 48,378 650.00 700.00 671.97 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 9 17,160 195.00 208.00 200.64 114A 3 Chuck, shoulder clod, trmd 11 37,287 212.00 218.00 215.40 114D 3 Chuck, clod, top blade 6 3,823 274.20 295.00 282.54 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 8 9,325 344.48 386.00 347.35 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 28 83,683 224.87 246.00 232.38 116B 1 Chuck, chuck tender (IM) 21 15,869 220.00 242.00 233.91

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 23 31,311 200.00 227.75 214.72 120A 3 Brisket, point/off, bnls 14 5,426 357.00 381.00 361.47 123A 3 Short Plate, short rib 14 16,748 285.21 347.47 312.39 130 4 Chuck, short rib 16 20,802 192.75 224.00 196.44 160 1 Round, bone-in 9 10,798 200.00 220.75 208.86 161 1 Round, boneless 3 9,193 205.00 211.20 206.69

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 31 69,071 228.58 242.00 237.17 168 1 Round, top inside round 15 49,374 206.00 221.00 211.00 168 3 Round, top inside round 14 101,959 213.00 230.00 220.25 169 5 Round, top inside, denuded 11 9,561 245.00 277.00 254.09

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 29 119,659 213.00 235.25 216.73 171C 3 Round, eye of round (IM) 29 45,564 230.00 248.00 235.72 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 19 14,651 518.00 550.00 527.49 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 8 8,894 495.00 507.50 500.42 180 3 Loin, strip, bnls, 0x1 28 7,984 537.00 582.00 549.14 184 1 Loin, top butt, bnls, heavy 11 12,711 312.00 329.00 316.03 184 3 Loin, top butt, boneless 5 9,424 329.65 350.00 335.02 185A 4 Loin, bottom sirloin, flap 6 11,532 428.00 430.61 429.04 185B 1 Loin, ball-tip, bnls, heavy 7 53,215 211.00 225.00 213.20 185C 1 Loin, sirloin, tri-tip (IM) 4 3,471 299.72 321.50 300.85 185D 4 Loin, tri-tip, pld (IM) 12 4,912 436.50 455.00 443.12 189A 4 Loin, tndrloin, trmd, heavy 11 11,934 980.33 1015.00 992.41 191A 4 Loin, butt tender, trimmed 7 2,698 914.20 940.00 923.07 193 4 Flank, flank steak (IM) 21 12,101 494.00 520.26 501.88 ------------------------------------------------------------------------------- Select Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

Trades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 11 12,346 508.00 520.00 519.27 112A 3 Rib, ribeye, bnls, light 6 11,270 555.00 586.00 576.16 112A 3 Rib, ribeye, bnls, heavy 30 33,006 542.00 589.87 564.57 113C 1 Chuck, semi-bnls, neck/off 8 10,607 204.50 210.00 207.23 114 1 Chuck, shoulder clod 114A 3 Chuck, shoulder clod, trmd 17 89,982 213.20 227.25 216.00 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 5 4,023 322.00 330.00 323.92 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 16 128,833 220.00 248.25 226.66 116B 1 Chuck, chuck tender (IM) 8 13,475 230.00 240.00 233.01

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 8 49,502 204.50 219.25 209.32 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 14,456 264.00 331.00 267.57 130 4 Chuck, short rib 8 9,264 191.87 200.00 195.29 160 1 Round, bone-in 161 1 Round, boneless 5 8,948 205.00 222.25 212.23

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 12 44,728 228.87 244.25 235.01 168 1 Round, top inside round 7 29,151 205.60 214.48 207.98 168 3 Round, top inside round 7 59,612 213.00 220.59 214.79 169 5 Round, top inside, denuded 4 21,752 245.00 262.00 252.93

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 10 35,936 210.00 220.00 213.72 171C 3 Round, eye of round (IM) 14 36,901 221.73 242.00 227.35 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 12 26,787 480.90 520.00 496.80 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 16 23,372 490.00 525.00 496.16 184 1 Loin, top butt, bnls, heavy 184 3 Loin, top butt, boneless 6 7,594 285.67 305.00 298.35 185A 4 Loin, bottom sirloin, flap 5 2,410 389.50 415.10 406.03 185B 1 Loin, ball-tip, bnls, heavy 19 99,878 202.54 231.65 209.39 185C 1 Loin, sirloin, tri-tip (IM) 3 39,462 269.48 285.00 284.71 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 19 50,391 887.00 960.47 908.17 191A 4 Loin, butt tender, trimmed 8 3,276 825.00 855.00 845.18 193 4 Flank, flank steak (IM) 11 15,553 465.00 489.36 479.62 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 4 4,064 108.95 124.40 122.27 121D 4 Plate, Inside Skirt (IM) 20 22,063 347.00 385.00 352.02 121C 4 Plate, Outside Skirt (IM) 17 26,320 525.00 560.00 540.21 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 23 89,909 240.00 262.00 247.30

Pectoral Meat 17 43,596 235.00 270.00 263.83 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 20 197,617 160.00 175.09 168.77 Ground Beef 75% Ground Beef 81% 19 104,848 197.49 230.00 223.78 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 13 108,190 240.18 269.25 250.46 Ground Beef Chuck 80% 21 473,055 189.42 227.00 195.36 Ground Beef Round 85% 7 28,600 220.00 225.82 223.32 Ground Beef Sirloin 90% ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% Blended Ground Beef 75% Blended Ground Beef 81% 6 26,424 177.56 216.60 211.22 Blended Ground Beef 85% Blended Ground Beef 90% 0 0 Blended Ground Beef 93% Blended Ground Beef Chuck 80% Blended Ground Beef Round 85% Blended Ground Beef Sirloin 90% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 14 381,383 53.00 58.00 56.00 Frozen 50% lean trimmings 0 0 -------------------------------------------------------------------------------- FAT LIMITATIONS (FL) DESCRIPTION Maximum Average Fat Thickness Maximum Fat at any point 1. 3/4" (19mm) 1.0" 2. 1/4" (6mm) 1/2" 3. 1/8" (3mm) 1/4" 4. Practically free (75% surface lean exposed) 1/8" 5. Peeled/Denuded 1/8" 6. Peeled/Denuded, surface membrane removed 1/8" -------------------------------------------------------------------------------- Items that have no entries indicate there were trades but not reportable because they did not meet the daily 3/70/20 guideline. Please refer to weekly LM_XB459 as the item may qualify. --------------------------------------------------------------------------------

A cutout value is an average of the prices tallied for cuts of beef from cattle carcasses weighing 550-850 pounds. Cutout values are separated into three main product types. Fabricated loads are beef cuts taken from an animal's ribs, chuck, round, loin, brisket, short plate and flank; 50 percent loads are 50 percent lean beef trimmings. Ground loads may contain 73, 75, or 80 percent ground beef. A typical refrigerated truckload carries 40,000 pounds.

Choice 1-3 grade is a better grade than Select 1-3, partly because Choice cuts have more fat, or marbling, than Select cuts.

Grade quality is determined using a 1-5 yield grade scale. A rating of 1 is the highest ratio of muscle to fat, while 5 is the lowest. Marbling is an important flavor factor.


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